Clause 52
Finance Bill
7:00 pm
Edward Balls (Economic Secretary, HM Treasury; Normanton, Labour)
The issue to which the hon. Lady refers was also raised at out Islamic finance working group. The initial reaction of Islamic finance experts in the Treasury was that the proposal risks opening up substantial tax-avoidance difficulties for us. One issue that the group will consider in the coming months is precisely the issue that she raises, so that if we could sensibly widen the scope without causing difficulties, we would.
On the wider issue raised by the hon. Lady, I am pleased about the consensual and cross-party nature of discussions about these matters, at least within Treasury-brief circles, and I shall continue to work closely with all Members of the House to take the agenda forward.